At the summit of the picturesque fens
Apparently insurance companies can no longer 'rape' existing customers on renewal premiums and must offer the same rate as a new customer (I think that is the way it is anyway).
I have a multi-car (3) policy with LV, all good up until today. I cancelled the cover on one car last week as it was no longer in our possession (lease returned). They duly credited the remaining 10 months of the premium for that car, less the admin fee of £15. Fine.
We are getting a new car delivered tomorrow, so rang LV and asked for a price to replace this for the one last week. The outgoing Skoda Octavia cost around £160 p/a.
The lady on the phone gave me a cost to insure the new car; Mazda3, of £257.50 for the remainder of the year (10 months), equivalent to £309.00 per year. Nothing she could do on the price, take it or leave it. Sounded too much, so left it and went onto confused.com to check prices.
The cheapest quote for the Mazda3 for the exact same details and cover was £175.00 from..............LV!! :roll:
Just to confirm I also put in details for the old Skoda, which was £165.00, also from LV.
So I took out a new separate policy with LV for £134.00 less p/a than LV wanted to add it to existing policy.
I think they are loading the premiums for 'in term' changes of cars to make up for the lack of profiteering on renewals. A loophole, if you like, as there is no new regulation on this. Bunch of bar stewards.
I am looking forward to LV asking for proof of NCD and me giving them their own paperwork. :lol:
I have a multi-car (3) policy with LV, all good up until today. I cancelled the cover on one car last week as it was no longer in our possession (lease returned). They duly credited the remaining 10 months of the premium for that car, less the admin fee of £15. Fine.
We are getting a new car delivered tomorrow, so rang LV and asked for a price to replace this for the one last week. The outgoing Skoda Octavia cost around £160 p/a.
The lady on the phone gave me a cost to insure the new car; Mazda3, of £257.50 for the remainder of the year (10 months), equivalent to £309.00 per year. Nothing she could do on the price, take it or leave it. Sounded too much, so left it and went onto confused.com to check prices.
The cheapest quote for the Mazda3 for the exact same details and cover was £175.00 from..............LV!! :roll:
Just to confirm I also put in details for the old Skoda, which was £165.00, also from LV.
So I took out a new separate policy with LV for £134.00 less p/a than LV wanted to add it to existing policy.
I think they are loading the premiums for 'in term' changes of cars to make up for the lack of profiteering on renewals. A loophole, if you like, as there is no new regulation on this. Bunch of bar stewards.
I am looking forward to LV asking for proof of NCD and me giving them their own paperwork. :lol:
North West Surrey
